US organic food manufacturer Prime Choice Foods has filed for bankruptcy protection and announced it is “exploring a number of options” to secure the business’s future.
The firm, which has appointed Heritage Equity Partner, to find a buyer, partner or investor, operates two locations in Bristol, Virginia.
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A spokesperson for Heritage Equity Partner said: “The business was in need of additional working capital in order to survive and sought Chapter 11 protection.”
The spokesperson said Prime Choice’s options include securing “new money, either debt or equity, a joint venture partner, or a going concern buyer for the business”.
“Ideally a partner/investor/buyer will provide for greater efficiencies, a wider array of product, and increased market share. While that would seem to be someone already in the snack business, there are a lot of vertical integration plays that make sense as well, so again, we are not crossing anything off the list at this point,” the spokesperson explained.
He added the plan was for a solution for the business to be identified within the next 90 days.
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